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Waters Corporation WAT Instrument Systems — Revenue

Other product segments

Consumables
$543M
Service
$348M+33.3%

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Other financials

Income statement

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Revenue$1.3B+91.4%
Gross profit$569.5M+8.6%
Operating income-$47.0M-131%
Net income-$72.0M-160%
EPS (diluted)-$0.87-143%

Balance sheet

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Cash & equivalents$462.0M+20.7%
Total debt$5.2B+263%
Total equity$15.3B+679%
Total assets$24.5B+434%

Cash flow

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Operating cash flow-$3.0M-101%
CapEx$39.0M+50.0%
Free cash flow-$42.0M-118%

Valuation

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Market cap$36.76B+78.1%
Enterprise value$41.51B+92.6%
P/E81.8×+50.6×
P/S9.8×+3.0×

Profitability

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Gross margin59.3%-0.1pp
Operating margin16%-12.3pp
Net margin11.9%-10.1pp
FCF margin7%-13.8pp

Returns & leverage

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Return on equity5.2%-35.6pp
Debt / equity0.3×-0.4×
Current ratio1.8×0.0×

Where this comes from

Reported directly by Waters Corporation in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The official record: Waters Corporation’s 10-Q, filed May 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Waters Corporation's instrument systems — revenue?
Waters Corporation (WAT) reported instrument systems — revenue of $376M in Q1 2026.
How has Waters Corporation's instrument systems — revenue changed year-over-year?
Waters Corporation's instrument systems — revenue increased by 43.0% year-over-year, from $263M to $376M.
What is the long-term trend for Waters Corporation's instrument systems — revenue?
Over 4 years (2021 to 2025), Waters Corporation's instrument systems — revenue has grown at a 0.6% compound annual growth rate (CAGR), from $1.31B to $1.35B.
What does instrument systems — revenue mean?
This metric represents the total revenue generated from the sale of analytical instrument systems, including liquid chromatography and mass spectrometry platforms. It reflects the company's ability to monetize its core hardware portfolio across biopharmaceutical, industrial, and academic research markets. Fluctuations in this figure indicate shifts in capital expenditure cycles among the company's primary scientific and laboratory customer base.